Take advice from someone who has successfully worked from home for the past eight years. In my previous article, Work from Home: Real Money Advantages, we looked at some of the financial benefits of working from home. In this article, we look at some of the differences between working at a job and working from home as an entrepreneur.
Many of my clients, business associates, and friends run their own businesses. Some of them work from home, like me. We all have something in common. As we continue and prosper as entrepreneurs, we become more and more distant among our friends, family and neighbors who have jobs. Don’t you know what I mean? Let me explain.
The majority of the population of any country is what we call in the United States, “working class.” Which I further define as “working for someone.” In the United States, those with college degrees, including master’s degrees, and some business experience are considered “working class.” People confuse it with “middle class”, which refers to an income level, not an occupation level. Working class people put in their hours, get their vacations (usually paid), get their sick days (usually paid), get their health insurance, and get raises or bonuses almost like clockwork. When they need a job, they write a resume, send it in, and do an interview.
Some go on to higher education as the market demands, but stay within the above description no matter what job, education, or skill level they are at. However, these people have concerns. The biggest concern, at any level, even you “investment bankers who underwrite multi-billion dollar loans”, will downsizing, market change or just company policy get me canned, fired or Lying on the street?
Let’s just look at 4 ways your family, friends, and neighbors who have jobs misunderstand your business as an entrepreneur.
Schedule:
This seems very rudimentary, but it’s probably the biggest split you can imagine. As an entrepreneur, you are totally cut off from the normal 9-5 work schedule. In fact, your neighbors, friends, and family may not know it, but there are days when you work almost 24 hours. But somehow, because you don’t wake up at 5am, get ready for a switch that goes to 8 hours and switches back, they think you don’t work. In fact, they think of you as a spare “driver” or babysitter. “Well, Ken is home. I could pick up so-and-so at the airport.” Because I work all day on Saturday, Sunday, and actually start work earlier and finish later than they do, I work twice as long as they do in a week. I work from home, so it seems like I don’t work as much for the neighbors with jobs. Also, while they tell me about their weekends in Vegas or their vacation trips, I’m at work unwinding. No vacation for me until I earn it. So I go on vacation at very unconventional hours. I go out in the middle of the week and often go on very expensive retreats to clear my head and recover.
Self motivated:
How many times do I see my neighbors go to work each week? Like robots under the command of your work schedule. In fact, they don’t have to think about it much. They get up early, get ready and drive to work, put in hours, and leave disengaged from their jobs. This can make a real difference to us entrepreneurs: we need to be motivated every day, 24 hours a day to make a living. Because no one is going to deduct our pay when we don’t show up on time or sit if work is slipping. No. We go bankrupt and can’t pay rent for that month if we sit for two or three days. Quite a difference. While I’m away from home, I keep thinking about my business. And I must be ready to play every day. Because I am against the market. If I don’t come to play they don’t pay me. If I’m lazy, someone or something happens to me for eating my winnings. And no one will say a word. I am an entrepreneur. There are no reviews at the end of the year. No disciplinary measures are imposed on me. No fines. No reprimands. I don’t play, I don’t get paid. I am very intense and passionate in everything I do. That is the burden of an entrepreneur. But this is the life we have chosen.
Does not help:
Mom and dad don’t have a lot of cash to help you? This requires thinking about which products to deliver that are in high need or high need/demand. How can I deliver such products in a profitable way, thus filling a gap and making a good profit while giving someone a great product? This requires my mind to become, in a sense, a specialist or a professional in the industry. Because I have to create, market and deliver the product with very little capital, only brains. It is not an easy task. Considering that people with jobs are paid based on hours (even salaried) plus some kind of bonus (not always directly related to their individual performance), this is a very different thought. Actually. If I don’t deliver, I don’t get paid. People with jobs can get lost in the corporate structure making money without even investing their minds for 1 hour a week. The position is (usually) well defined with tasks to be completed per week. As an entrepreneur, no one will help you, even if you file for bankruptcy. In fact, in the United States, the new bankruptcy law makes it nearly impossible to file for bankruptcy. The entrepreneur must be sharp, cunning and quick. OR YOU DON’T GET PAID As my friend says: No one is going to leave a chicken on your doorstep if you’re broke.
Risk:
This brings up the next obvious difference. No bankruptcy option, no guaranteed sick days, no vacation days, no vacations, no health insurance, and no help from anyone. The risk of going into your own business is huge. You’d think your friends, family, and neighbors would bow at your feet for even trying to fend for yourself. But they just don’t understand the risks. Or they do and wouldn’t even think of doing it themselves. However, if you listen closely, they sure hate it when an entrepreneur reaps the rewards. “Well I know she so and so she sold her internet company” “She was always working on that website” blah blah blah. It doesn’t occur to them that “she” probably risked everything. And that takes guts, discipline, motivation and persistence. But the reward for her was $15,000,000 USD. Not bad for 5 years of barely pay, no vacations, selling her wedding ring for cash, no medical coverage, and noodles and hot dogs to feed her kids along the way. But the reward came in the form of a Villa in Italy. And there will probably be no work for the next 15 years.
Greetings to you Tammy. You made the difference between the Working Class and the Entrepreneur worthwhile.
J. Kenneth Esdras